English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 95906/126496 (76%)
Visitors : 31708088      Online Users : 449
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/71561
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/71561


    Title: BOT計畫投資時點選擇之價值評估─以大鵬灣國家風景區為例
    Other Titles: Valuation of Investment Timing for a BOT Project-The Case of Tapeng Bay National Scenic Area
    Authors: 陳明吉;蘇培魁;羅容恆
    Chen, Ming-Chi;Su, Pei-Kuei;Lo, Henry Y.
    Contributors: 財管系
    Keywords: 遞延選擇權;投資決策:民間參與投資公共建設
    Option to Defer;Investment Decision-making;BOT
    Date: 2004-12
    Issue Date: 2014-11-19 15:53:51 (UTC+8)
    Abstract: 傳統現金流量折現法是基於目前的時點作決策,無法考慮未來做決策之彈性價值。然而投資環境常是多變的,因此決策者可採取等待策略,當投資有利潤時,再執行投資開發。在目前民間參與投資公共建設計畫(BOT)中,優先議約權可被特許公司用來決定開發時機,此乃類似選擇權理論中之遞延選擇權,因此可用來估計此不確定性中所隱含的投資時點價值。本研究以「大鵬灣國家風景區開發案」為例,進行投資時點選擇之價值評估,結果發現,此BOT專案僅以傳統淨現值評估會使得計畫中的民間管理彈性價值遭到低估。而BOT計畫投資時點選擇之價值評估─以大鵬灣國家風景區為例變異數、存續期間兩者與實質選擇權有正向關係,這反應出選擇權的特性,亦即未來市場狀況的變動情形將會帶給投資計畫正向的貢獻。
    Investment decision-making is based on the current time-point for the traditional discounted cash flow model, which is unable to estimate the value of uncertainty. However, the economic environment is always changing. Investment decision hence can be deferred until situation is favorable. In the project of Built-Operate-Transfer, the right of contract negotiation can be used to decide the timing of an investment for the concessionaire. The theory of option to defer would be an appropriate methodology for evaluating the right of contract negotiation. Therefore, this study examines the value of investment timing by using the Case of Tapeng Bay National Scenic Area. The results suggest that the value of the project is underestimated by the traditional net present value method. The variance and duration has positive relationship with value of real option, indicating the choice of timing has contributions of the project's value.
    Relation: 中山管理評論, 12(4), 825-853
    Data Type: article
    Appears in Collections:[財務管理學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    825-853.pdf918KbAdobe PDF809View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback